We’re living in a fast-paced world, and even as I write this article, new trends are already emerging. While this speed could pose a challenge, we can turn the odds in our favor. Since the MENA cosmetics market is flourishing now more than ever, I think this has paved the way for the emergence of new opportunities which could help boost market growth even more. We like to take opportunities like these in the Middle East and turn them into realities, especially at Medica Group where we’re constantly devoted to anticipating and fulfilling our clients’ needs. Let’s take a look at the opportunities everyone should look out for:
Medical Tourism on the Rise
One of the most prominent opportunities is the rise in medical tourism in the Middle East. A recent Forbes article states that the MENA region boasts the highest number of outbound medical tourists, with GCC countries contributing to approximately 70% of medical tourism. Another article by Smart Yotta reports that 65% of Kuwaiti residents receive medical care from other countries. This trend has been growing in GCC countries at a significant rate of 15-25%. You’d be surprised to know that cosmetic and aesthetic procedures are the leading forces behind booming medical tourism. Not to mention that Dubai is one of the major cities in the MENA region that help medical travelers thrive. The way I see it is; medical tourists are becoming the main protagonists for strengthening the market and if we kept on promoting medical patients and travelers in the region, we can leverage this opportunity to expand the market even more.
The Effect of E-commerce
The Middle East also capitalizes on this upward trend by using online channels to promote and sell products. The increase in Internet penetration rates and the rise in awareness around online purchasing have contributed to boosting growth in the cosmetics skin care market. According to Smart Yotta, a substantial proportion of the population in MENA relies heavily on the Internet. Approximately 140 million people, which account for 35% of the total population in the region, use the Internet regularly. Aside from traditional distribution channels, online purchasing portals have been gaining popularity due to the easy availability of cosmetic and skin care products. Therefore, in my opinion, a focus on online distribution is likely to increase market penetration and expand the customer base for cosmetic and skin care products like never before.